Smartkarma Daily Briefs

The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing

By Sumeet Singh

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook

By Xinyao (Criss) Wang

2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium

Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

By Research as a Service (RaaS)

Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.

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Jun 03

Daily Brief Private Markets: Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea) and more

By Smartkarma Daily Briefs | Daily Briefs, Private Markets

In today’s briefing:

Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)

Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)

By Douglas Kim

Danggeun (Karrot) is the largest used goods e-commerce marketplace in Korea. There have been some local reports that the company could complete its IPO as early as 2025.
In the private market, some shares of Karrot were put up for sale recently, and the valuation of the company ranged 2.5 trillion won 2.7 trillion won.
The company has tremendously scaled up its business in the past couple of years, in terms of sales and profits.

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Jun 03

Daily Brief Australia: Washington H. Soul Pattinson and Co. Ltd, Amaero International Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding
Amaero International Ltd – New EBITDA guidance in-line with RaaS forecasts

Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding

By Arun George

Brickworks Ltd (BKW AU) entered a combination deed with Washington H. Soul Pattinson and Co. Ltd (SOL AU). A newly-capitalised ASX-listed company (TopCo) will merge Brickworks and Soul Patts.
The scheme vote is low risk as both Brickworks and Soul Patts shareholders will support the merger, which provides an elegant solution to unwind the cross-shareholdings.
Investor support for the transaction seems strong, as evidenced by the A$550 million commitments for TopCo at a stingy NIL discount to the SOL last close price.

Amaero International Ltd – New EBITDA guidance in-line with RaaS forecasts

Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
In an ASX release on May 28, the company pushed out its guidance for when it will be EBITDA positive from FY26 to FY27, citing that the extended Continuing Resolution (CR) for the FY25 Congressional US budget and the Department of Defense programmes had contributed to the delay in revenue and new contracts.
The CR has paused “new starts” and “re-starts”, delaying expenditure.

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Jun 03

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Markets Brush Off Tariff Turmoil and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Markets Brush Off Tariff Turmoil
Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call
Monday Delight: 02/06/25
US Banks – Granular Weekly Data Suggest C&I Is Robust, Underlying Economy, Credit Metrics
#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech
#156 India Insight: India’s Exports to Hit $1T in FY26, EV Production Setback, HDB Financial’s IPO

Ohayo Japan | Markets Brush Off Tariff Turmoil

By Mark Chadwick

US stocks closed higher Monday despite rising trade tensions with China and the EU.
ISM data showed US manufacturing activity contracted in May, with imports at their lowest since 2009
Metaplanet has acquired an additional 1,088 BTC for 17 billion yen, bringing its total holdings to 8,888 BTC

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

By Andrew Jackson

Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
Square Enix cancelling its ‘Project Gemini’ with Polish developer another foreign flop reminiscent of Avengers?

Monday Delight: 02/06/25

By Contrarian Cashflows

This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention.
These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research.

US Banks – Granular Weekly Data Suggest C&I Is Robust, Underlying Economy, Credit Metrics

By Daniel Tabbush

Strong weekly data from the CP market and from granular loan data of US banks
C&I type lending is also included in the CP market and other loans to FI’s
Loans to other FI’s is up 21% YoY and C&I lending, reached a new high since early FY24

#155 India Insights: Quess Restructures, India-US Eye Trade Deal, VST Enters Electric Farm Tech

Quess Corp Ltd (QUESS IN)‘s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.
India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.
VST Tillers Tractors (VSTT IN) to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.

#156 India Insight: India’s Exports to Hit $1T in FY26, EV Production Setback, HDB Financial’s IPO

By Special Situation Investments

India’s exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.
Bajaj Auto Ltd (BJAUT IN) warns of rare earth magnet shortage impacting India’s EV production by July, urging quick approval for imports.
HDB Financial Services Ltd (0117739D IN) is close to SEBI approval for a $1.5 bn IPO, set to become India’s largest shadow bank listing.

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Jun 03

Daily Brief Event-Driven: ESR (1821 HK): A Shareholder Register Look-Through and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

ESR (1821 HK): A Shareholder Register Look-Through
[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?
Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding
PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?
Assura Attracts Bidding War Potential: KKR and PHP Compete Amid Strategic Synergies and Market Dynamics
An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members’ Inheritance Taxes
Selected European HoldCos and DLC: May 2025 Report
Weekly Update (FTV, NLOP, STRZ, RAL)
Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule

ESR (1821 HK): A Shareholder Register Look-Through

By David Blennerhassett

Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register.

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance

By Travis Lundy

Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.

HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

By Douglas Kim

There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in 2025.
There are two main reasons why HD Hyundai could increase its stake in HD KSOE.
They include HD KSOE contributing higher percentage of dividend income and continued full-fledged recovery of the operating profits of the HD HHI and HD Hyundai Mipo.

Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding

By Arun George

Brickworks Ltd (BKW AU) entered a combination deed with Washington H. Soul Pattinson and Co. Ltd (SOL AU). A newly-capitalised ASX-listed company (TopCo) will merge Brickworks and Soul Patts.
The scheme vote is low risk as both Brickworks and Soul Patts shareholders will support the merger, which provides an elegant solution to unwind the cross-shareholdings.
Investor support for the transaction seems strong, as evidenced by the A$550 million commitments for TopCo at a stingy NIL discount to the SOL last close price.

PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?

By Sanghyun Park

Listed companies trading below 0.8x P/B may be taxed like unlisted ones—based on book value, with a floor set at 80% of NAV regardless of calculated valuation.
Momentum is spreading beyond holdcos, with local desks eyeing low-PBR, high treasury share names. Attached is an Excel with Q1 PBRs and Q4 treasury ratios for all listed stocks.
We could target direct succession names like SK Inc. or go broader, screening by treasury share % and P/B discount—likely the preferred route given Korea’s post-election momentum playbook.

Assura Attracts Bidding War Potential: KKR and PHP Compete Amid Strategic Synergies and Market Dynamics

Assura is involved in a potential bidding war with KKR and PHP, both having made acquisition offers.
KKR’s offer is 49.4p/share, while PHP’s revised offer is 0.3769 PHP shares plus 12.5p/share in cash.
Glazer increased its stake in Assura to 2.9%, indicating expectations of a bidding war with minimal downside.

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members’ Inheritance Taxes

By Douglas Kim

This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members.
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to reinvest his dividend income in various Samsung Group affiliates including Samsung C&T.

Selected European HoldCos and DLC: May 2025 Report

By Jesus Rodriguez Aguilar

Discounts to NAV of covered holdcos mainly widened during May. Coverage of CF Alba is discontinued following delisting.
Discounts (30 May): GBL, 37.9% (vs 35.3%, 2 May); Heineken Holding, 12.5% (vs. 12.3%); Industrivärden C, 9.6% (vs. 9.1%); Investor B, 9.6% (vs. 5.8%); Porsche Automobile Holding, 29.5% (vs. 29.2%);
Rio DLC 22.2% (vs. 25.8%); Vivendi 45% (vs. 46%). What seems interesting: Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).

Weekly Update (FTV, NLOP, STRZ, RAL)

By Richard Howe

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule

By Special Situation Investments

Naturgy’s tender offer allows repurchase of 9% shares at €26.5/share, with a priority for small accounts.
Spanish regulators approved the tender; odd-lot priority rule may set threshold around 400 shares for priority.
Linear distribution allocates 25% of shares equally; excess distributed proportionally, affecting shareholder participation outcomes.

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Jun 03

Daily Brief Thailand: Thanachart Capital and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping

Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping

By Janaghan Jeyakumar, CFA

The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we present our final expectations for ADDs/DELs for the index rebal event in June 2025.
We expect three ADDs and three DELs for June 2025.

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Jun 03

Daily Brief Equity Bottom-Up: Grab Holdings’ Fintech Gamble: Will Its Banking Bet Finally Pay Off by 2026? and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Grab Holdings’ Fintech Gamble: Will Its Banking Bet Finally Pay Off by 2026?
Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo
Welspun Living: Navigating with Strategic Diversification and Domestic Focus
Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?
Triveni Engineering & Industries: Mega Restructuring & Stellar Performance
The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer
Vesuvius India Ltd (NSE: VESUVIUS) – A High-Quality Play on India’s Steel Upswing
Kobo Resources Inc – Mining Monthly: May Edition
2025 Sees Strong Start to Share Buybacks
NATCO Pharma Limited: Record Year Performance Overshadowed by Cautious FY26 Outlook

Grab Holdings’ Fintech Gamble: Will Its Banking Bet Finally Pay Off by 2026?

The recent earnings of Grab Holdings Limited for the first quarter of 2025 presented a mixed picture of the company’s performance and strategic outlook.
On the positive side, Grab reported robust growth, with a 17% year-over-year increase in on-demand Gross Merchandise Value (GMV) and a record number of monthly transacting users.
This growth translated into another quarter of record revenues.

Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo

By Vincent Fernando, CFA

Rumors That Mediatek’s Upcoming Chips Could Outperform Apple’s Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.
Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.
The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.

Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?

In reviewing Ecolab’s first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.
Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.
This robust performance highlights the company’s ability to maintain an upward trajectory despite a weakening demand in some end markets.

Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges
The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.
Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.

The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

Finolex Industries (FNXP IN) is a leading, vertically integrated Indian PVC manufacturer, the 2nd largest in PVC resin and 3rd in pipes & fittings, with captive production offering cost advantage.
Margin recovery in FY26 is targeted post headwinds faced by industry via pricing correction, improved product mix, enhanced discount management, and cost efficiency programs.
Potential ADD/BIS mandates mid-FY26 may curb Chinese imports, possibly enabling a 5–10% domestic price increase, reshaping the market.

Vesuvius India Ltd (NSE: VESUVIUS) – A High-Quality Play on India’s Steel Upswing

By Rahul Jain

Vesuvius India has a strong track record of double-digit revenue and profit growth, supported by robust return ratios like 32% ROCE and a debt-free balance sheet.
With ongoing capacity expansions and rising contribution to the parent’s revenue and EBITDA, India is now a key growth engine for the group.
Despite premium valuations, the company’s execution strength and industry tailwinds make it a compelling long-term play.

Kobo Resources Inc – Mining Monthly: May Edition

By Atrium Research

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.
• In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.
The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.

2025 Sees Strong Start to Share Buybacks

By Geoff Howie

In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.
UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.
STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.

NATCO Pharma Limited: Record Year Performance Overshadowed by Cautious FY26 Outlook

Natco Pharma (NTCPH IN) achieved record consolidated revenue and profits in FY25 and holds a strong cash position over INR 3,500 crore.
However, the company estimates a significant potential dip in revenue (20%) and profits (30%) for FY26 due to US market pressures and high R&D spend.
This signals near-term headwinds, while long-term growth remains tied to pipeline progress, particularly Semaglutide and Resplan launches in India, and strategic acquisitions.

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Jun 03

Daily Brief Macro: EU Replacement Tire Market Shows Mixed Trend Amid Import Pressures and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

EU Replacement Tire Market Shows Mixed Trend Amid Import Pressures
HEM: Better Never Than Late
The Egg-Price-Bubble Has Busted!
Asia base oils demand outlook: Week of 2 June
[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output
Revisiting 2025 Investment Calls
[US Crude Oil Options Weekly 2025/22] WTI Slips on Oversupply Fears, Shrugs Off U.S. Inventory Draw
Egypt, June 2nd 2025,

EU Replacement Tire Market Shows Mixed Trend Amid Import Pressures

By Vinod Nedumudy

Q1 2025 sees 14% YoY surge in all-season consumer tire sales
Truck and bus tire sales volumes in Q1 2025 fall 4% YoY
Imports of PCLT tires grow by 12% YoY in Jan-Feb 2025

HEM: Better Never Than Late

By Phil Rush

Companies are adapting to fluctuating trade policies while maintaining strong activity and tight labour markets.
Despite these positive trends, underlying price and wage inflation remains high.
While markets anticipate future cuts, the potential for rate hikes in 2026 is often overlooked.

The Egg-Price-Bubble Has Busted!

By The Commodity Report

YTD our absolute return strategy is up 10,6% The Egg-Price-Bubble Has Busted!
The price of a dozen eggs in the US has crashed from $8 to $2,5 within five months – highlighting extraordinary volatility in the egg market.
For context: The rise of egg prices can be primarily contributed to the ongoing avian influenza (HPAI) outbreak that began in 2022.

Asia base oils demand outlook: Week of 2 June

By Iain Pocock

Asia’s base oils demand could soften as weakening supply-demand fundamentals incentivize buyers to maintain lower stocks.
Seasonal slowdown in lube consumption set to coincide with pick-up in supply following restart of growing number of plants after maintenance work.
Weaker demand in markets like Japan frees up more surplus volumes for export, adding to supply.

[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output

By Suhas Reddy

For the week ending 30/May, U.S. natural gas prices gained 3.4% on the back of forecasts of a hotter-than-expected summer and tightening supplies.
For the week ending 23/May, the EIA reported that U.S. natural gas inventories rose by 101 Bcf, moderately higher than analyst expectations of a 98 Bcf build.
Henry Hub OI PCR fell to 0.86 on 30/May compared to 0.89 on 23/May. Call OI decreased by 12.7% WoW, while put OI dropped by 16.1%.

Revisiting 2025 Investment Calls

By Sharmila Whelan

Recommendations remain unchanged. The forecast has always been for increased market volatility and a weak 1H , followed by a pick-up in economic momentum in 2H.
Business cycle fundamentals continue to show no signs of a full-blown recession or a sustained resurgence in inflation.
1Q25 earnings data confirm the corporate profit cycle remains in upswing across the US, Europe, Japan, India, Taiwan and Indonesia. China is the outlier.

[US Crude Oil Options Weekly 2025/22] WTI Slips on Oversupply Fears, Shrugs Off U.S. Inventory Draw

By Suhas Reddy

WTI futures fell by 1.2% for the week ending 30/May as concerns over OPEC+ supply hike overshadowed the surprise fall in U.S. crude inventories.
The U.S. rig count fell by three to 563. The oil rig count fell by four to 461, while gas rigs grew by one to 99.
WTI OI PCR inched up to 0.83 on 30/May compared to 0.82 on 23/May. Call OI rose by 4.9% WoW, while put OI grew by 5.9%.

Egypt, June 2nd 2025,

By Denis Collot

So far, Trump hasn’t criticized Israel too much, he just wants to see if they could stop that whole situation as quickly as possible.
The US still supplies Israel and US Homeland Security Secretary Kristi Noem (and her makeup crew) visited PM Netanyahu in support.
European countries who have recently criticized Israel and suspended trade talks or else have been branded antisemite by Bibi and accused of emboldening Hamas.

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Jun 03

Daily Brief United States: Omada Health, Fortive , Gold, Ecolab Inc, Base Oil, Natural Gas, Deckers Outdoor, Abbvie Inc, Birkenstock Holding , Chime Financial and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
Weekly Update (FTV, NLOP, STRZ, RAL)
The Egg-Price-Bubble Has Busted!
Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?
Asia base oils demand outlook: Week of 2 June
[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output
Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!
Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

Weekly Update (FTV, NLOP, STRZ, RAL)

By Richard Howe

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

The Egg-Price-Bubble Has Busted!

By The Commodity Report

YTD our absolute return strategy is up 10,6% The Egg-Price-Bubble Has Busted!
The price of a dozen eggs in the US has crashed from $8 to $2,5 within five months – highlighting extraordinary volatility in the egg market.
For context: The rise of egg prices can be primarily contributed to the ongoing avian influenza (HPAI) outbreak that began in 2022.

Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?

In reviewing Ecolab’s first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.
Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.
This robust performance highlights the company’s ability to maintain an upward trajectory despite a weakening demand in some end markets.

Asia base oils demand outlook: Week of 2 June

By Iain Pocock

Asia’s base oils demand could soften as weakening supply-demand fundamentals incentivize buyers to maintain lower stocks.
Seasonal slowdown in lube consumption set to coincide with pick-up in supply following restart of growing number of plants after maintenance work.
Weaker demand in markets like Japan frees up more surplus volumes for export, adding to supply.

[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output

By Suhas Reddy

For the week ending 30/May, U.S. natural gas prices gained 3.4% on the back of forecasts of a hotter-than-expected summer and tightening supplies.
For the week ending 23/May, the EIA reported that U.S. natural gas inventories rose by 101 Bcf, moderately higher than analyst expectations of a 98 Bcf build.
Henry Hub OI PCR fell to 0.86 on 30/May compared to 0.89 on 23/May. Call OI decreased by 12.7% WoW, while put OI dropped by 16.1%.

Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?

Deckers Brands recently reported its financial performance for the fourth quarter and the fiscal year 2025.
The company showcased robust growth across its portfolio, emphasizing the success of its leading brands, HOKA and UGG.
With a revenue increase of 16% year-over-year, the company approached $5 billion in sales, signaling strong brand appeal and strategic market positioning.

AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!

AbbVie Inc. recently reported its results for the first quarter of 2025, showcasing strong performance across various therapeutic areas.
The company’s adjusted earnings per share were $2.46, surpassing the guidance midpoint by $0.10.
Total net revenues stood at over $13.3 billion, a remarkable increase of roughly $550 million beyond expectations.

Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!

Birkenstock Holding plc’s second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.

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